Uber Inks Foremost Southeast Asian E-Wallet Pact With MoMo Of Vietnam
Uber, aspiring to rise to the augmented competition, has signed its foremost payments agreement in Southeast Asia after it declared collaboration with Momo, mobile wallet service based in Vietnam.
Momo, which in the previous year, obtained $28 Million directed by Standard Chartered, will become an option for payment within the Uber application in Vietnam, along with credit cards and cash. The app is the leading mobile payment service in the country. It is used by 5 Million individuals to transport tickets, pay bills, and more; so an association with Uber makes sense.
The launch will be phased with an initial 30% of Android app users of Uber receiving the alternative to reimburse by means of Momo. By next month, this will be extended to all Android users, with iOS to come later.
Uber stated that Vietnam is among its “greatest budding Asian markets.” However, it did not give user numbers. For Uber, the pact is the first-of-its-kind in Southeast Asia, a place where it has a hard-hitting challenge combating local unicorn Go-Jek in Indonesia and Singapore-based Grab in 7 markets. In India, Uber has a mobile wallet agreement with Paytm; however, that was smacked back in 2014 because of regulatory necessities.
Both Go-Jek and Grab—which raised $2 Billion recently from China’s Didi and SoftBank respectively—have set an intense concentration on mobile payments with both developing a mobile wallet service that will ultimately go further than from reimbursing for ride-sharing to reimbursing for other supplies.
Go-Jek—that is supported by Tencent, Chinese internet giant—intends to extend its Go-Pay service next year into a separate application. By now, Go-Pay can be used for a variety of services apart from taxis on-demand and motorbikes. Go-Jek, which is priced at $3 Billion, has mentioned that it may spread out its scope outside of Indonesia with the use of Go-Pay, instead of ride-sharing, as its primary launch service.
In the meantime, Grab started functioning on its GrabPay platform in the previous year. Previously this month, it introduced backing for third-party vendors in Singapore that enables its application to be used to reimburse at street food merchant stalls. It intends to increase to 1,000 vendors by this year end and extend the program to other areas in 2018.
The association with Momo does not perceive Uber go to the extents that its competitors have. However, it does signify a new move toward looking for partnerships and deals that the Uber would not have thought about previously.